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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 10.3% - 9.3% | 9.8% |
| Terminal EBITDA Multiple | 7.2x - 9.2x | 8.2x |
| Fair Value | ₩4,365 - ₩5,412 | ₩4,870 |
| Upside | 62.9% - 101.9% | 81.7% |
| Select Revenue and EBITDA Forecast | |||||||||||
| (KRW in millions) | Input Projections | ||||||||||
| Fiscal Years Ending | Dec-24 | Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Dec-32 | Dec-33 | Dec-34 |
| Revenue | 181,957 | 181,957 | 181,957 | 181,957 | 181,957 | 181,957 | 181,957 | 181,957 | 181,957 | 181,957 | 181,957 |
| % Growth | -1.9% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| EBITDA | 21,941 | 27,608 | 27,608 | 27,608 | 27,608 | 27,608 | 27,608 | 27,608 | 27,608 | 27,608 | 27,608 |
| % of Revenue | 12.1% | 15.2% | 15.2% | 15.2% | 15.2% | 15.2% | 15.2% | 15.2% | 15.2% | 15.2% | 15.2% |
| Calculation of Free Cash Flow | |||||||||||
| Projected Unlevered Cash Flow | |||||||||||
| (KRW in millions) | Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Dec-32 | Dec-33 | Dec-34 | |
| EBITDA | 27,608 | 27,608 | 27,608 | 27,608 | 27,608 | 27,608 | 27,608 | 27,608 | 27,608 | 27,608 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| D&A | (6,881) | (6,881) | (6,881) | (6,881) | (6,881) | (6,881) | (6,881) | (6,881) | (6,881) | (6,881) | |
| EBIT | 20,728 | 20,728 | 20,728 | 20,728 | 20,728 | 20,728 | 20,728 | 20,728 | 20,728 | 20,728 | |
| Pro forma Taxes | (3,731) | (3,731) | (3,731) | (3,731) | (3,731) | (3,731) | (3,731) | (3,731) | (3,731) | (3,731) | |
| NOPAT | 12,054 | 16,997 | 16,997 | 16,997 | 16,997 | 16,997 | 16,997 | 16,997 | 16,997 | 16,997 | 16,997 |
| Capital Expenditures | (10,147) | (8,718) | (8,718) | (9,195) | (9,195) | (9,195) | (9,195) | (9,195) | (9,195) | (9,195) | (9,195) |
| NWC Investment | 1,501 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| (+) D&A | 7,241 | 6,881 | 6,881 | 6,881 | 6,881 | 6,881 | 6,881 | 6,881 | 6,881 | 6,881 | 6,881 |
| Free Cash Flow | 10,649 | 15,159 | 15,159 | 14,683 | 14,683 | 14,683 | 14,683 | 14,683 | 14,683 | 14,683 | 14,683 |
| % Growth | 42% | 0% | -3% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | |